PF 8.02: Question Preview (ID: 15297)


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Matt wants to find out if he can live within his means during a typical month. He needs to prepare a(n):
a) balance sheet b) income and expense statement c) savings plan d) spending plan
After Celia started using a spending plan, she found she was less likely to have to ask her parents for advances on her allowance. Which benefit of financial planning is this?
a) Being financiall independent b) Increased sense of security c) Less worrying about money d) Living within one\\\'s means
Kris spends $300 a month on designer clothes. She should list this on her balance sheet as a(n):
a) asset b) balance sheet c) liability d) net worth
What is net gain?
a) The amount of money one has after subtracting expenses from income b) The amount of additional money needed when expenses are greater than income c) Anything with monetary value that a person owns d) Anything that is owed to someone else; a debt
What is an asset?
a) Anything that is owed to someone else; a debt b) Total earnings received c) Anything with monetary value that a person owns d) The amount of additional money needed when expenses are greater than income
What is a liability?
a) Anything with monetary value that a person owns b) Total earnings received c) The amount of additional money needed when expenses are greater than income d) Anything that is owed to someone else; a debt
What is net worth?
a) A financial statement that shows all income and expenses of an individual or family b) The amount of money remaining when total liabilities are subtracted from total assets c) A financial statement that shows the assets, liabilities, and net worth of an individual or family d) A document or tool that shows personal financial information/data
What is an income and expense statement?
a) A financial statement that shows all income and expenses of an individual or family b) A financial statement that shows the assets, liabilities, and net worth of an individual or family c) The amount of money remaining when total liabilities are subtracted from total assets d) A document or tool that shows personal financial information/data
What is a balance sheet?
a) A financial statement that shows all income and expenses of an individual or family b) The amount of money remaining when total liabilities are subtracted from total assets c) A financial statement that shows the assets, liabilities, and net worth of an individual or family d) A document or tool that shows personal financial information/data
What is a spending plan?
a) A document or tool that shows personal financial information/data b) A financial statement used to plan income and expenses for a future time period; also known as a bud c) A financial statement that shows all income and expenses of an individual or family d) A financial statement that shows the assets, liabilities, and net worth of an individual or family
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